Proceeds of Crime (Supervisory Bodies) (Transitional Provision) (Amendment) (Jersey) Order 2000- ("the draft Order").

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A decision made (11/06/2009) regarding: Proceeds of Crime (Supervisory Bodies) (Transitional Provision) (Amendment) (Jersey) Order 2000- ("the draft Order").

Decision Reference MD-E-2009-0095
Decision Summary Title:	Proceeds of Crime (Supervisory Bodies) (Transitional Provision) (Amendment) (Jersey) Order 200-		Date of Decision Summary:	10 June 2009
Decision Summary Author:	Finance Industry Development Executive		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	n/a
Written Report Title:	Proceeds of Crime (Supervisory Bodies) (Transitional Provision) (Amendment) (Jersey) Order 200-		Date of Written Report:	June 2009
Written Report Author:	Finance Industry Development Executive		Written Report : Public or Exempt?	Public
Subject: Proceeds of Crime (Supervisory Bodies) (Transitional Provision) (Amendment) (Jersey) Order 200- (“the draft Order”).
Decision(s): The Minister made the Proceeds of Crime (Supervisory Bodies) (Transitional Provision) (Amendment) (Jersey) Order 200- (“the Order”)
Reason(s) for Decision: The draft Order provides for the extension of transitional provisions so as to avoid imposing an unreasonable burden on businesses to notify the regulator of activities they carry on but which are subject to exemption under regulatory laws. The draft Order will extend transitional provisions until 30 November 2009, by which time a permanent solution will be in place by means of Regulations.
Resource Implications: There are no financial or manpower implications for the States.
Action required: The Minister to sign, date and seal the draft Order and for it to be returned to the States Greffe.
Signature: Senator A.J.H.Maclean		Position: Minister for Economic Development
Date Signed:		Date of Decision:

Proceeds of Crime (Supervisory Bodies) (Transitional Provision) (Amendment) (Jersey) Order 2000- ("the draft Order").

Proceeds of Crime (Supervisory Bodies) (Transitional Provision) (Amendment) (Jersey) Order 200- (“the draft Order”)

1. ISSUE AND RECOMMENDATION

1.1. The draft Order provides for the extension of transitional provisions concerning part of the Proceeds of Crime legislation.

The Jersey Financial Services Commission (“the Commission”) has considered and recommended the amendment made by the draft Order.

1.3. It is recommended that the Minister signs, dates and seals the Order and that it is returned to the States Greffe.

2. BACKGROUND

2.1. The Proceeds of Crime (Supervisory Bodies) (Transitional Provision) (Jersey) Order 200- (“the Original Order”) extended the transitional provisions under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (“the Law”) until 19 June 2009.

2.2. The reason was that an issue with the Law arose that would otherwise impose a significant burden on financial services related regulated businesses (including banking, trust, funds, and insurance businesses).

2.3. The intention when introducing the Law had been that regulated businesses would only be required to notify the regulator of specified Schedule 2 activities that are not covered by an exemption in the regulatory laws. By way of example if a fund services business was carrying on ancillary trust company business services where the ancillary activities were covered by an exemption from notification requirements, the idea was that in a similar vein there should not have to be a further notification under the Law.

2.4 However, the Law as drafted requires such businesses to notify the regulator of any other activity (specified in Schedule 2 of the Law) carried on by the business, even though it is subject to exemption from notification requirements under one of the regulatory laws.

2.5 The Original Order extended the transitional period under the Law until 19 June 2009, by which time it was hoped that the Law could be amended by Regulations to provide a permanent solution. Although draft Regulations have been drafted, the Commission wish to include further minor amendments to the Law and it has not been possible to finalise the Regulations and lodge these in time for debate by the States by 14 July 2009.

2.6. Accordingly, the draft Order will extend the transitional provisions for a further period until 30 November 2009 in order to allow time for the draft Regulations to be finalised and passed by the States.

3. RECOMMENDATION

3.1. It is recommended that the Minister signs, dates and seals the draft Order and that it is returned to the States Greffe.

Finance Industry Development Executive

10 June 2009